Consolidated Freightways Announces July 17 Sale of Iowa Distribution Facilities.Business Editors DES MOINES Des Moines, city, United States Des Moines (dĭ moin`), city (1990 pop. 193,187), state capital and seat of Polk co., S central Iowa, at the junction of the Des Moines and Raccoon rivers; inc. , Iowa--(BUSINESS WIRE)--July 8, 2003 As part of the largest real estate sale in transportation history -- 220 total properties with an appraised value An appraised value (USA) or mortgage valuation (Australia) pertains to the assessed value of real property in the opinion of a qualified appraiser or valuer. It is usually used as a pre-qualification & risk-based pricing factor related to the issuance of mortgage loans by a over $400 million -- Consolidated Freightways Consolidated Freight was the 3rd biggest trucking company in the US. In the 1930s they started their own truck manufacturing operation, Freightliner, now part of DaimlerChrysler. announced that it is placing its Burlington, Cedar Rapids Cedar Rapids, city (1990 pop. 108,751), seat of Linn co., E central Iowa, on the Cedar River; inc. as a city 1856. The second largest city in Iowa, it is named for the surging rapids in the river. and Des Moines terminals individually for sale to the highest bidders HIGHEST BIDDER, contracts. He who, at an auction, offers the greatest price for the property sold. 2. The highest bidder is entitled to have the article sold at his bid, provided there has been no unfairness on his part. , through an open auction process scheduled for July 17, 2003. The Burlington terminal is a 16-door cross-dock distribution facility located at 2314 West Mt. Pleasant St. and is situated on 5.0 acres. A contract price of $135,000 has been established for the property. Five CF employees formerly worked at the Burlington terminal. The Cedar Rapids terminal is a 41-door cross-dock facility located at 4850 J. Street, S.W. and is situated on 3.96 acres, where 21 CF employees formerly worked. A contact price of $450,000 has been established. A contract price of $400,000 has been set for the Des Moines property, a 27-door terminal which occupies 4.31 acres located at 1909 East 17th Street, where 30 employees formerly worked. These CF terminals have been closed to operations since September 3, 2002 when the 74-year-old company filed for bankruptcy protection. Since then CF has been liquidating the assets of the corporation under orders of the bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. . Interested parties who would like to participate in the July 17 bankruptcy auction should submit the form Request to be Designated a Qualified Bidder at Auction. That form can be found at www.cfterminals.com/Overbidder.html and must be submitted prior to the date of the auction. The indicated deposit must also be received, via wire or certified check A written order made by a depositor to a bank to pay a certain sum to the person designated—the payee—which is marked by the bank as "accepted" or "certified," thereby unconditionally promising that the bank will pay the order upon its , prior to the date of the auction. To date, 100 CF properties throughout the U.S. have been sold for $218 million. Potential bidders should direct any questions about the property and the bidding procedures that cannot be answered at the company's web site www.cfterminals.com, to Transportation Property Company at 800/440-5155. |
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